Galaxy Digital said seven Democratic members of the Senate Banking Committee could decide whether the CLARITY Act moves forward at its scheduled markup on Thursday, May 14.
The firm said support from Democrats in committee would raise the bill’s chances of reaching the Senate floor.
Galaxy named Ruben Gallego and Angela Alsobrooks as “constructive/pro-framework” lawmakers on crypto. It also listed Mark Warner, Catherine Cortez Masto, Andy Kim, and Raphael Warnock as possible “deal-makers,” while Lisa Blunt Rochester was placed in a “mixed” category.
Bill needs bipartisan support
The CLARITY Act aims to set federal market structure rules for digital assets in the United States. The bill would help define when crypto tokens fall under securities or commodities oversight, a question that has shaped years of disputes between regulators and the industry. Reuters reported that the Senate Banking Committee is set to consider the bill on May 14.
The bill also needs support beyond committee. crypto.news reported that Coinbase policy executive Kara Calvert said the measure needs at least 60 votes in the Senate and that Democrats are needed for passage. “You need a bipartisan bill,” she said, a statement that still depends on final text and vote timing.
Moreover, one of the largest disputes centers on stablecoin rewards. The compromise brokered by Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks would ban rewards on idle stablecoin holdings, while allowing rewards tied to other activity, such as payments.
Banking groups still object. crypto.news reported that five major banking groups rejected the Tillis-Alsobrooks language days before the markup, arguing it leaves room for crypto firms to offer rewards that resemble deposit interest. Senators Cynthia Lummis and Tillis pushed back, saying the compromise was built after months of work.
Banking Committee vote could set next step
The Senate Banking Committee has 24 members, including 13 Republicans and 11 Democrats. If all Republicans support the bill, at least some Democratic votes may still matter for showing wider support before a floor fight. Galaxy’s view is that Democratic backing in markup would change the market’s reading of the bill’s odds.
crypto.news previously reported that Galaxy Research put the CLARITY Act’s 2026 passage odds at about 50-50 or lower. The firm said the bill must clear several steps, including Banking Committee markup, a 60-vote Senate floor threshold, and reconciliation with other versions.
Democrats seek stronger safeguards
Democrats have raised concerns around illicit finance, political conflicts, and consumer protection. Many congressional Democrats see the bill as too weak on anti-money laundering rules and want stronger limits on officials profiting from crypto ventures.
At the same time, some Democrats have shown interest in a market structure framework. A September 2025 statement from Democratic senators called for rules covering spot markets, issuer oversight, platform regulation, illicit finance, corruption risks, and fair regulation.
That earlier statement shows why the coming markup may turn on negotiated safeguards rather than party lines alone.
